Sec 14.1 MC What is a Competitive Market

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1、1. Akeycharacteristicofacompetitivemarketisthat a. governmentantitrustlawsregulatecompetition. b. producerssellnearlyidenticalproducts. c. firmsminimizetotalcosts. d. firmshavepricesettingpower.ANSWER:  bDIFFICULTY:  EasyLEARNING OBJECTIVES:  ECON.MANK.092-Examinefi

2、rmsincompetitivemarkets.TOPICS:  PerfectcompetitionKEYWORDS:  BLOOM'S:KnowledgeCUSTOM ID:  001.14.1-MC-MANK082. Whichofthefollowingisnotacharacteristicofacompetitivemarket? a. Buyersandsellersarepricetakers. b. Eachfirmsellsavirtuallyidenticalproduct. c. Entryislimi

3、ted. d. Eachfirmchoosesanoutputlevelthatmaximizesprofits.ANSWER:  cDIFFICULTY:  ModerateLEARNING OBJECTIVES:  ECON.MANK.092-Examinefirmsincompetitivemarkets.TOPICS:  PerfectcompetitionKEYWORDS:  BLOOM'S:KnowledgeCUSTOM ID:  002.14.1-MC-MANK083. Whichofthefollowingis

4、acharacteristicofacompetitivemarket? a. Therearemanybuyersbutfewsellers. b. Firmsselldifferentiatedproducts. c. Therearemanybarrierstoentry. d. Buyersandsellersarepricetakers.ANSWER:  dDIFFICULTY:  ModerateLEARNING OBJECTIVES:  ECON.MANK.092-Examinefirmsincompetitiv

5、emarkets.TOPICS:  PerfectcompetitionKEYWORDS:  BLOOM'S:KnowledgeCUSTOM ID:  003.14.1-MC-MANK084. Whichofthefollowingisacharacteristicofacompetitivemarket? a. Therearemanybuyersbutfewsellers. b. Manyfirmshavemarketpowerbecausetheyownpatents. c. Buyersandsellersarepri

6、cetakers. d. Firmsselldifferentiatedproducts.ANSWER:  cDIFFICULTY:  ModerateLEARNING OBJECTIVES:  ECON.MANK.092-Examinefirmsincompetitivemarkets.TOPICS:  PerfectcompetitionKEYWORDS:  BLOOM'S:KnowledgeCopyrightCengageLearning.PoweredbyCognero.Page 29CUSTOM ID:  004.1

7、4.1-MC-MANK085. Whoisapricetakerinacompetitivemarket? a. buyersonly b. sellersonly c. bothbuyersandsellers d. neitherbuyersnorsellersANSWER:  cDIFFICULTY:  EasyLEARNING OBJECTIVES:  ECON.MANK.092-Examinefirmsincompetitivemarkets.TOPICS:  PerfectcompetitionKEYWORDS: 

8、 BLOOM'S:KnowledgeCUSTOM ID:  005.14.1-MC-MANK086. Competitivemarketsarecharacterizedby a. asmallnumberofbuyersandsellers. b. uniqueproduc